Deal of the Week: The Chevy Chase Starter Home

• August 2nd 2011

by UrbanTurf Staff

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Four-bedroom homes in Chevy Chase DC usually hover in the high six-figure/low seven-figure price range, so when one hits the market that falls below that price point, it garners some attention.

This installment of Deal of the Week, a four-bedroom Colonial, is discounted for a couple reasons. For one thing, it lies near the busy intersection of Military Road and Nevada Avenue NW. For another, it is in good shape, but not the recently-renovated condition that so many homes in the neighborhood fall under, and it is being sold as-is.

However, the home’s price is not the only thing that makes it a bargain. At four bedrooms and 2.5 baths with a front porch and deep backyard, the listing offers a lot for the money in one of DC’s pricier neighborhoods. For comparison purposes, a three-bedroom, one-bath home sold in the 5900 block of Nevada Avenue several months ago for $700,000.

But the eventual buyer will likely be a family that purchases more than just the home. They will probably buy for the quiet neighborhood, access to some of the better public schools in the city, and a chance to put some sweat equity into a property with good bones.

More details and photos below.

• Full Listing: 5382 Nevada Avenue NW (map)
• Price: $699,000
• Bedrooms: Four
• Bathrooms: 2.5
• Year Built: 1935
• Listing Agent: Sally McLuckie, TTR Sotheby’s International Realty

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4.65 percent.

• Loan Amount: $559,200
• Principal and Interest: $2,883
• Property Taxes: $427/month
• Total Monthly Payments: $3,310

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/deal_of_the_week_the_chevy_chase_starter_home/3901.